ILX Resorts Agrees to Strategic Alliances for Expansion in Mexico and Latin America.Business Editors/Travel Writers PHOENIX--(BUSINESS WIRE)--July 10, 2001 ILX Resorts Incorporated (AMEX AMEX See: American Stock Exchange : ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , Tuesday announced that it has agreed in principle to strategic alliances with Consorcio Asag and Grupo Casa, both of Sonora, Mexico, to develop and expand the company's timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. presence in Mexico and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Through its Premiere Vacation Club, the company will develop and market properties in San Carlos San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. and Puerto Penasco ("Rocky Point Rocky Point may refer to:
prox·i·mate adj. Closely related in space, time, or order; very near; proximal. proximate immediate; nearest. to other Premiere Vacation Club venues. "These relationships will afford us the benefit of more than 100 years of combined real estate development expertise in Mexico and enable us to explore and penetrate a growing market that will be particularly attractive to our rapidly expanding Premiere Vacation Club owner base. "We have worked closely with the principals of Consorcio Asag and Grupo Casa and are confident that the synergies among us are such to enable the company to grow this important future segment of our business. While our initial projects will be modest in scale, it is our intention to expand these operations systematically and consistently," said Joe Martori, chairman and chief executive officer. ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The company's current portfolio of resorts consists of six resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, and land adjacent to an existing resort in Northern Arizona Northern Arizona is dominated by the Colorado Plateau, the southern border of which in Arizona is called the Mogollon Rim. In the West lies the Grand Canyon, which was cut by the flow of the Colorado River while the land slowly rose around it. for which the company holds development rights. The company markets its vacation ownership interests primarily through its Premiere Vacation Club. Internet users can visit the ILX Resorts Incorporated web site at http://www.ilxresorts.com. For more information, contact Martori at 602/957-2777. This news release constitutes certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including, but not limited to, the company's need for additional financing, intense competition in various aspects of its business, the risks of growth, its dependence on key personnel and other risks detailed from time to time in ILX's Securities and Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein. |
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